Jonny's point is that platforms that already enjoy established deal flow and capital (companies and angels, respectively) are going to have the advantage, coming out of the gate, when Rule 506(c) takes hold (assuming 506(c) or something like it survives the onslaught of negative comments!) and as we all start to feel our way into the federal broker-dealer exemption (already law; that and the proposed 506(c) both arose from Title II of the JOBS Act) for online angel platforms.

One of the (many) things I like about how Jonny talks about these platforms is how he characterizes them as social networks. I like the idea of rescuing that term, which increasingly is a misnomer for sales and marketing schemes like Facebook, which seem to want to disempower, manipulate and take advantage of users, rather than be guided by what might bring a community together organically.

Of course, in these crowdfunding social networks Jonny is talking about, membership is available only to accredited investors. That's something that needs to be fixed.